Types of Transfers Which May be Approved
625 ILCS 5/18c-4302
in effect(625 ILCS 5/18c-4302) (from Ch. 95 1/2, par. 18c-4302) Sec. 18c-4302. Types of Transfers Which May be Approved. It is lawful, with prior authorization from the Commission, for: (1) Two or more motor carriers of property to consolidate or merge their properties into one business entity for the ownership, management, or operation of the properties theretofore in separate ownership; (2) A motor carrier of property, or two or more such carriers jointly, to purchase, lease or contract to operate the properties of another such carrier; (3) A motor carrier of property, or two or more such carriers jointly, to acquire control of another such carrier through ownership of its stock or otherwise; (4) A person not a motor carrier of property, to acquire control of one or more such motor carriers through ownership of its or their stock or otherwise; (5) A person not a motor carrier of property and which has control of one or more such carriers to acquire control of another carrier through ownership of its stock or otherwise; or (6) A person to acquire possession, ownership, or control, by means of the sale or other conveyance of a license issued by the Commission to another person. (Source: P.A. 84-796.)
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026